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Tuesday, November 24, 2020

Leave encashment at the time of superannuation must be totally tax free

Sec.10(10AA) of Income Tax Act, 1961 must be amended

Leave Encashment amount received at the time of retirement/ superannuation must be made 'TOTALLY TAX FREE', for the employees of Public Sector Banks too.  Now, this benefit is available only to Government (Central/State) employees. 

As a first step in this direction, the present limit of Rs.3 Lakhs fixed 22 Years ago (i.e. in 1998) must be immediately enhanced to Rs.16 Lakhs.

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